Rey Resources Terminates Deal to Acquire 50% Interest in EP 487 in WA

Rey Resources Ltd. disclosed Friday that the agreement with Backreef Oil Pty Ltd. for the acquisition of a 50 percent interest in EP 487 in the Canning Basin of Western Australia came to an end on Dec. 31, 2014.

The parties originally executed the agreement on Sept. 25, 2012 with a requirement that the transfer proceed by Dec.31, 2013, a date which was subsequently extended to Dec. 31, 2014. The transfer of the 50 percent interest in EP 487 has still not occurred and the parties have not agreed to further extend the date for transfer, therefore the agreement has now come to an end.

The removal of this permit from Buru's portfolio has no material effect on its previously stated prospective tight gas resources given their overall size. However, it also reduces Buru's contingent funding obligations by the $3.5 million purchase price and any costs associated with the current litigation, and the costs of early stage exploration activity on this permit.



Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies

Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Technical Coordinator
Expertise: Client Representative|Process Management|Technical Writing
Location: Houston, TX
Executive Assistant
Expertise: Executive|Secretarial or Administrative
Location: United States
Regional Manager - Saybolt
Expertise: Executive|Operations Management
Location: Linden, NJ
search for more jobs

Brent Crude Oil : $51.78/BBL 0.77%
Light Crude Oil : $50.85/BBL 0.83%
Natural Gas : $2.99/MMBtu 4.77%
Updated in last 24 hours